Self-Managed Super Fund Updated Audit Requirements

Self-Managed Super Fund Updated Audit Requirements

We hope you are well & safe and thank you for your continued support during this COVID-19 pandemic.

As you may already know over the past few weeks, there are various measures that have been announced by the Federal and State governments to deal with this pandemic and to mitigate its financial impact. Some of these measures impact Your Self-Managed Superannuation Fund (SMSF) and the related audit requirements.

In addition, the ATO has introduced new requirements in the determination and documentation of your SMSF’s investment strategy.

We have prepared a document, listing what the audit & ATO requirements pertaining to those measures are for the FY 2020 and future audits.

Please click here to view the updates to SMSF audit requirements.

We believe that with the help of this document, you will be able to gain a better understanding of what will need to be prepared and provide as additional documents for the auditors.

The Next Steps are:

  1. In the next week or so we will send you a questionnaire covering all of the points in the attached list which will determine what is and is not relevant to your SMSF.
  2. On getting this back we will then prepare an action checklist of what needs to be done for your SMSF to comply.

The auditors have expressed that pre-preparing the required documents will reduce the queries they will have on a job and the turnaround time of the audit job itself.

Looking forward to your continued support and to continue working with you.

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